Minister Ortiz asks for the green light to start the transformation of Petroecuador to a ‘joint stock company’
The Minister of Energy and Non-Renewable Natural Resources, René Ortiz, as Chairman of the Board of Petroecuador, asked the President of the Republic for the green light to initiate and coordinate the reform proposal towards the transformation of the public oil company “into a company by shares ”. The request was issued this March 18 through Official Letter MERNNR-MERNNR-2021-0258-OF.
The transformation of the EP Petroecuador company into a ” joint stock company” seeks future financial and economic sustainability, regardless of the current dependence on fiscal coffers. The success of this transformation will allow the “joint stock company” to gain competitiveness, maximize its investments and increase value, which can be measured in the short, medium and long term.
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